According to CoinDesk, XRP is up 12% in the past 24 hours and has gained more than 40% in a week, leading other major cryptocurrencies. XRP’s long-term price chart shows a bullish triangle pattern, with a significant increase in open interest also signaling that gains may continue in the coming weeks.
Alex Kuptsikevich, senior market analyst at FxPro, said that XRP prices have risen to 60 cents, the highest point since April, but may need to rest at this high level. Last week, CME and CF Benchmarks announced the launch of XRP index and reference rate, which boosted XRP's gains.
Some traders believe that a triangle pattern on the long-term price chart could signal a bullish move in the coming weeks. Open interest has doubled in the past seven days to $780 million, and trading volume has increased from $2 billion to $3.6 billion, indicating an increase in market expectations for future price volatility for XRP.
